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Australian court dismisses regulator's action against IOOF Holdings

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Australian court dismisses regulator's action against IOOF Holdings

The Australian Federal Court dismissed a regulator's action that claimed IOOF Holdings Ltd. failed to act in the best interest of superannuation members, The Sydney Morning Herald reported.

The court said in a Sept. 20 ruling that the asset manager's directors, executives and entities had not violated the Superannuation Industry (Supervision) Act, and added that the Australian Prudential Regulation Authority's case was based entirely on documentary evidence that relied too heavily on "hindsight," the report noted.

The regulator in December 2018 commenced disqualification proceedings related to IOOF Holding's handling of an error in its superannuation business.

The ruling gave the asset manager higher hopes of completing a A$1 billion takeover of Australia & New Zealand Banking Group Ltd.'s OnePath pensions and investments business, the newspaper added.